Europe

UK - British American Tobacco has reaffirmed its faith in final salary schemes even though it revealed a massive pensions deficit in its accounts.

EUROPE - Luxembourg has continued to grow as Europe's largest collective funds centre over the course of 2001 both by number of funds and total assets, new figures show.

UK - More than £3m of pension transfers ended up in secret offshore accounts after being passed through the Brand New Carpet Company scheme.

UK - Three shareholder meetings are of significance in the week beginning May 6, according to corporate governance specialists Institutional Shareholder Services.

UK - Fund managers are predicting short to medium-term stability for investments in the FTSE100 after several years of high volatility.

UK - At least one pension fund trustee of a FTSE 350 company is likely to be sued in the next 12-15 months, according to Deutsche Asset Management chairman Neil Dunford.

UK - The North Yorkshire Police Authority is tendering for a pensions administrator.

UK - A top City fund manager has hit out at press coverage of transaction costs, accusing the media of "whipping a frenzy that they [transactions] are inadequately monitored."

UK - Prudential chairman Sir Roger Hurn is quitting the firm, claiming that corporate governance issues and "market rumours" have forced him to resign before his successor could be named.

UK - Vast differences in the amount local authorities pay for administration and fund management are revealed in new government figures.